UBS analyst Robin Farley said current Harley-Davidson guidance implies a double digit shipment increase in the second half of the year. The company's goal is to have flat inventory by year-end, which means shipments can't be worse than flat to down 2%, which would be an uptick in the next few quarters from its April decline of 5%. The analyst is cautious on that occurring and so maintains her Neutral rating and $57 price target on Harley-Davidson shares.

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Harley-Davidson continues to expect: HDMC revenue flat to down 9% and operating income margin of 12.6%-13.6%, HDFS operating income flat to up 5%, LiveWire electric motorcycle unit sales of 1,000 to 1,500 and Harley-Davidson capital investments of $225M-$250M.

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